Remortgage Advice when we have two different mortgages.

ginnytravel

Hi we are looking to remortgage the following; But are very confused.

£19'524 outstanding over 8 year @ 1.45% we pay £270 monthly

£13000 outstanding over 13 year @ 4.99% we pay £110 monthly

Obviously our 1.45% is difficult to beat and for comparisin reasons we dont know what term to put in. friends of ours said to make a comparisin we should add both interest rates together, thus making 6.44% and look for a better rate. However how can we compare with different term times? We dont really want to extend the term but would ideally like to pay less. Maybe its just not worth it but we would be keen to know. Many thanks in advance of help.:)

hcb42

I can only imagine your friend meant add the payments together and try and beat that, as adding the percentages together has no basis in maths...;)